Building better: Your guide to green homes
A green home is more than just a trendy buzzword – it’s a smart investment in a sustainable future. With increasing awareness for greener living, the answer is clear: sustainability is here to stay. BMO is committed to providing you with the opportunity to make your home more energy efficient.
Connect with our Lending Experts to explore your home-financing options towards a greener home.
Why sustainability looks good on your home
Enjoy improved health and wellness
Eco-friendly home upgrades lead to less reliance on heating and Air conditioning, meaning improved air quality and a more comfortable temperature range in your home year-round.
Save money and energy
You could qualify for up to $25,000 in government rebates to help support your energy-efficient home upgrades. footnote 5
Cut down on carbon and costs
Potentially reduce your carbon footprint and monthly energy bill with green home renovations like more efficient appliances, heating and cooling systems, and improved insulation.
Enrich your home with lasting value
Upgrading to an eco-friendlier space generally uses longer-lasting and energy efficient materials, meaning less maintenance and more long-term savings.
Making a difference is easier than you think
Want to reduce your carbon footprint without breaking the bank or eating into your family’s budget?A few simple home renovation tricks can go a long way in ensuring the bills remain low.
Install low-flow alternatives in your bathroom including toilets, shower heads, and faucets- Upgrade to a high-efficiency dishwasher and washing machine by looking for products with the EnerGuide or Energy Star label
- Collect rainwater for lawn irrigation if your municipality allows it
- Seal cracks around windows and doors
- Upgrade or replace insulation in your walls and attic
- Upgrade to double or triple-pane windows
- Switch to Light emitting diode lighting
- Install a smart thermostat
- Upgrade to high efficiency heating or AC systems by looking for products with the EnerGuide or Energy Star label
- Add solar panels to reduce electricity bills
- Install geothermal heating systems
- Install heat pumps in climates where it’s efficient
- Remove debris from storm drains, ditches and culverts
- Check for leaks in plumbing, fixtures and appliances
- Install and/or clean your backwater valve
- Install window well covers
- Extend downspouts out at least 2 meters from your home foundations
- Remove obstructions to floor drains
- Install and maintain a flood alarm
Learn more about how you can flood-proof your home here.
With increased flooding, consider adding overland flood insurance to protect against water damage from overflowing lakes, rivers, heavy rains, and snowmelt. You can check with your insurance provider to see if this is available in your area.
- Remove debris from your gutters, roof and other outdoor surfaces around your home
- Remove combustible materials like mulch, plants, firewood or lumber up to 10 meters around your house perimeter
- Mow the lawn down to less than 10 centimeters and prune trees to create clearance from the ground
- Plant well-spaced shrubs and other fire-resistant plants
- Install non-combustible ground surfaces around 1.5 meters around your home
- Replace worn or missing weather stripping on doors
Learn more about how you can reduce the risk of wildfire for your home here.
I’m in! How do I get started?
- Contact an Energy Advisor to conduct a home audit.
- Review the audit list and prioritize the changes that make the most sense for your goals and budget.
- Have your Energy Advisor complete a post-retrofit audit.
- Have your Energy Advisor submit your post-retrofit audit to the Government of Canada so you can find out how much you qualify for in rebates.
Wondering who you need to involve or what questions you need to ask for your eco-friendly home renovation? Check out our handy checklist.
Going green is easy with the Homeowner ReadiLine®
The Homeowner ReadiLine® is a unique lending option that combines a mortgage with the flexibility of a revolving line of credit, so that you can have access to funds whenever you need them. footnote 1
- Choose how you want to allocate your borrowing amount between your mortgage portion and revolving line of credit portion. footnote 2
- As you pay down the mortgage balance, your available revolving line of credit limit increases, giving you the flexibility to withdraw up to the available limit. footnote 3
- Borrow up to 80% of your home’s value. footnote 4
- Lock in a rate for your mortgage portion with our 130-day mortgage rate guarantee – the longest of any major bank in Canada.‡
Frequently asked questions
We’ve got you covered! Get tips on how to start a home renovation project, how you can get the most value out of one, and the financing options available to you here.
Green homes come with newer, more energy efficient appliances and longer lasting, sustainable material that generally increase the value of a home. With this increased comfort and efficiency, these homes generally cost less on your energy bill and less to maintain over time.
You’ll need to provide documentation of the home’s greenhouse gas emissions or energy consumption. Ask for these certificates at the time of sale, or speak to a Natural Resources Canada Certified Energy Auditor to conduct an assessment and certify your eligible home.
Yes, there are! When you upgrade your home, you can unlock affordable green home incentives and programs provided by the Government of Canada and various companies. Here are some you can check out:
- Home Renovation Savings™ ProgramOntarians can qualify for rebates towards energy-efficient home upgrades, including insulation, solar panels, heat pumps, smart thermostats and more.
- Energy Affordability ProgramIncome-eligible households can get expert advice and energy-efficient home upgrades, such as light bulbs and appliances, fully covered through this program.
- CMHC Default Insurance Premium rebatesBuy an eco-friendly home and you can apply to get up to 25% off your insurance premium through insurers.
- Oil to Heat Pump Affordability ProgramEligible homeowners can apply for a payment to help switch from oil heating to energy-efficient heat pumps.
Discover more provincial financial incentives available to you from your local government and utility companies.
Additional resources for you
Buying a home
Buying a home is an exciting experience with a lot to navigate. We’ve got you covered every step of the way with our guide to the home buying process.
First time homebuyer programs
As a first-time home buyer, you have access to some great incentives, tax credits and resources to help you turn your home-ownership dream into reality.
BMO Climate Institute
Learn more about how BMO is advancing climate solutions through the BMO Climate Institute.
Get in touch with us to learn more or get started
Call us today
Get expert insight from one of our Home Advisors.
Connect with us
Have questions? Get expert insight every step of the way.
Visit us
Book an appointment at your nearest branch to chat about your mortgage options.
- Footnote 1 details Conditions apply. Account needs to be in good standing for customers to access line of credit. Convenient access to funds, anytime, up to your credit limit through online banking, a BMO branch or Line of Credit cheques. Applications and the amount you can borrow are subject to meeting BMO’s usual credit criteria.
- Footnote 2 details You can allocate the amount you borrow between a mortgage portion and a line of credit portion. The amount you allocate to your line of credit portion cannot exceed 65% of the value of your property.
- Footnote 3 details When you make a mortgage payment, a portion of that amount will become available to reborrow through your line of credit limit, up to 65% of the value of your property.
- Footnote 4 details Any amount you borrow under a Homeowner ReadiLine® in excess of 65% of the value of your property must be in an amortizing installment. The Homeowner ReadiLine® must be registered in first priority on title on your property.
- Footnote 5 details Terms and conditions apply